Munich Re

Munich Re said it saw no reason to lower its expectations.

The carrier announced a capital repatriation plan of EUR3.5bn.

Munich Re has renewed the first tranche of its Eden Re sidecar for 2024, listing $28.5mn of Class A notes on the Bermuda Stock Exchange, a roughly 62% increase on last year.

The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.

Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.

AM Best said market hardening was likely to continue through 2024, given global market conditions.

Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.

The executive also lambasted the growing tide of corporate regulation in Germany and the EU.

Flooding in Italy during the second quarter cost the German reinsurer around EUR200mn.

The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.

The reinsurer has cat capacity available at 1.6 and 1.7 where pricing meets its margin targets.

The deal priced 50 basis points below guidance.